Being irreverently British, the first thing that sprang to mind when I heard the 7 April ceasefire announcement between the U.S. and Iran was lettuce. Specifically, the 2022 moment when The Daily Star newspaper ran a 24/7 livestream of a supermarket lettuce next to a framed photo of newly?installed Prime Minister Liz Truss to monitor whether the lettuce would last longer than Truss’s premiership. The lettuce won after forty-nine days. In the case of the U.S.-Iran ceasefire — which is technically still in effect, despite the collapse…

The European Commission is preparing to adopt next week a policy paper to recommend lowering energy taxes and grid charges as the EU looks to reduce the impact of the Hormuz crisis on households and industry, sources familiar with the plan told Bloomberg on Monday. Various EU member states have already taken steps to support households and businesses in uncoordinated national measures to blunt the impact of the second major energy crisis in four years. Now the Commission is set to adopt on April 22 a policy paper that would outline recommendations…

A priest, an engineer, and an economist are stranded on a desert island. The first order of business is to get some food. The priest suggests that they all pray. The practical-minded engineer suggests that the three men make a net to catch some fish. But where will they find the necessary materials? The priest and the engineer turn to the economist and ask him if he has any ideas. The economist replies, "Assume a fish." This well-worn economist joke summarizes one of the chief flaws in contemporary economic theory. That theory almost completely…

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

The war in the Middle East has hurt the global LNG industry and promoted a supply chain crisis that will leave global scars. The warning comes from the head of the International Gas Union and points to extended disruption in the supply of the most flexible form of natural gas. Just a year ago, even a few months ago, there were warnings of an LNG glut that was going to pressure prices around the world, especially as U.S. energy companies rushed to build new export capacity. Then the U.S. and Israel bombed Iran’s energy infrastructure, and…

On Wednesday, the United States and Iran agreed to a two-week ceasefire, pausing the 42-day military campaign by the U.S. and Israel against multiple Iranian military and civilian targets. The Pakistan-brokered deal is, however, already being severely tested: whereas direct U.S. strikes on Iran have stopped, Israel and Hezbollah in Lebanon have continued fighting, with Israel maintaining that Lebanon is not part of the ceasefire, while Iran insists that continued Israeli strikes violate the agreement. Meanwhile, traffic through the Strait of Hormuz…

Many countries worldwide have been hit hard by the energy crisis that has emerged following the U.S.-Israeli attacks on Iran and ensuing conflict, with severe oil and gas shortages driving energy prices sky high. But while some countries are suffering badly, China so far appears relatively untarnished, following several years of preparation aimed at boosting the Asian giant’s energy and national security and reducing reliance on foreign powers.  China has been stockpiling vast quantities of oil in recent years, with a 1.3-billion-barrel…

Fiscally stressed Colombia is facing multiple crises that possess the potential to derail a vulnerable economy. Oil and natural gas production is in freefall because of adverse regulatory reforms and frequent tax hikes. Declining revenue from Colombia’s oil patch is impacting a fragile economy and weak government finances. There are fears that recent oil shocks caused by Tehran's closing of the Strait of Hormuz will sharply impact Colombia’s hydrocarbon-dependent economy, potentially triggering energy and fiscal crises due to a growing…